You Decide Essay

3346 words - 14 pages

Role of Internal Auditors in the Anti-Corruption

John FlahertyThe Challengeh
Bribery, and other illicit payments are contrary to the public good. They thwart the competitive process and circumvent laws, regulations, and procedures put in place for the public good. They divert funds from owners, shareholders, and are usually paid as fees, commissions, or are paid without record. The cost to the public totals millions of dollars annually. The US Government is aware of almost 100 cases in which foreign bribes undercut the ability of US firms to win contracts valued at $45 billion in the 12 months before May 1995. "Corruption occurs when someone has monopoly power over a good or a ...view middle of the document...

The level of corruption in international business transactions continues to be a critical problem. Companies need both the motivation and the governance practices to discontinue these payments. An effective internal audit function is a major weapon in a company's battle against corruption. Measuring corruption trends is a daunting task but I believe we all can agree that the current level of corruption around the world is totally unacceptable. We are here in Lima because of our concern about corruption and our interest in reducing it. The focus for reduction is shifting from the recipients to the companies paying the bribes. This is the area of corruption where auditors can have the best opportunity of prevention, detection, and prosecution. One Effective Change - Legislation
Companies will stop paying bribes when the risk to the management or the company itself is greater than the perceived benefit to be gained from the bribe. In many cases, the payment will be a business decision not a moral one. U.S. companies' motivation to pay bribes changed dramatically with the passage of the Foreign Corrupt Practices Act (FCPA) in 1977. The strong criminal sanctions of the FCPA usually prevailed over the perceived benefit from the bribe. A recent study of 18 countries by Professor Johann Lambsdorff and sponsored by Transparency International concludes that U.S. companies are least likely to pay bribes while companies from Belgium, France, and Italy are most likely to pay bribes. The U.S. does not hold the high moral ground here. The obvious conclusion is that strong laws like the FCPA vigorously enforced, will significantly reduce payment of bribes. The 29 members of The Organisation for Economic Co-operation and Development (OECD) are committed to developing a treaty that would make it illegal for companies from member countries to bribe foreign officials and end the tax deductibility for foreign bribes. The proposed laws would have to be adopted by each member country with laws that criminalize bribery abroad. If and when this happens, and if enforcement is vigorous, then OECD countries will have the same motivation as U.S. companies. Other international anti-corruption initiatives include: * Inter-American Convention against Corruption was signed in 1996, but not yet ratified. It provides for ciminalization of bribery and various domestic reforms. * World Trade Organisation agreed in December 1996 to study proposals to increase transparency in government procurement. * World Bank tightened guidelines for public procurement contracts. They included provisions for sanctions on borrower countries and companies which engage in corrupt practices. * International Chamber of Commerce approved in 1996 a strengthened Code of conduct on illicit payments. Response of the Organisation to Unacceptable Risk - Motivating Change
Motivation is the first key step but it must be followed by strengthened corporate governance and a change in corporate...

Other assignments on You Decide

A Competitor Firm Has Outsourced Its Production Abroad. You Could Do The Same. You Are The Major Employer In The Town Where You Are Located. You Have To Decide Whether Also To Outsource Your...

2065 words - 9 pages you are located. You have to decide whether also to outsource your production. Introduction The industry that my firm operates within is the winter clothing industry. The company supplies clothing to multiple clothing retailers across the U.K and selected areas of Europe mostly around the French and Swiss Alps. The company’s factory is based in Brackley and employs 2500 local employees. Our company has a strong ethical and moral feel and

Effective Ways A Student Resist Peer Pressure

599 words - 3 pages he found it easier to stand up to the king of Egypt than to stand up to his peers! What about you? Do you find it hard to stand up for what to know is right? Would you like to be able to resist peer pressure without appearing tense and afraid? You can! The key is to see the pressure coming and decide in advance how you will respond to it. The four steps below will help you to do this. 1. Anticipate. (Proverbs 22: 3) Often, you can see

Bus 401 Week 2 Quiz Version B

438 words - 2 pages : 1) 6. Finance theory suggests that the current market value of a bond is based upon which of the following? (Points : 1) 7. A typical measure for the risk-free rate of return is the (Points : 1) 8. A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 7.5% interest per year, starting on the day your


335 words - 2 pages Paper You can’t ask for an extension We’ll assume that you can’t ask for an extension, which is usually the case — but one thing you can certainly do is check the syllabus for other loopholes. Some professors deduct a specific point count per day of lateness. That will definitely be worth considering. But don’t spend too much time deliberating. You can decide to turn it in late while you’re walking to class with your bullshit-backup in hand


551 words - 3 pages procrastinate? 26. When you decide to study, can you start and keep it going? 27. Do you spread out your study time to avoid cramming? 28. Are you able to study subjects that you don’t like? 29. Are you satisfied with your grades? 30. Do you set high standards for yourself in school? 31. Do you have sports? 32. Do you regularly play your sport? 33. Do you always listen to music? 34. Are you always on the internet

Unit 7

352 words - 2 pages Question 1 (10 points) 1. You wish to deposit $500 per month into an account for 36 months. Assume your interest rate is equal to the prime interest rate. a) How much do you have (total) in the account after 36 months? b) How much of that total is interest? Question 2 (10 points) 2. Two people, Ella and Jane, decide to start saving for retirement. Ella decides to invest $4000 a year into an annuity at the age of 25. At the age

I Saved You

415 words - 2 pages NOT KILL JOFFREY BUT I WISH THAT I HAD! Watching your vicious bastard die gave me more relief than a thousand lying whores! I wish I was the monster you think I am. I wish I had enough poison for the whole pack of you. I would gladly give my life to watch you all swallow it. I will NOT give my life for Joffrey's murder, and I know I'll get no justice here so I will let the Gods decide my fate. I demand trial by combat! I am not a toy you can


836 words - 4 pages might be similar to the following: How to Write Syntheses Although all writing is recursive in nature, here are a few guidelines to follow that will help you organize and write your paper: * Consider your purpose in writing. * Select and carefully read your sources. * Formulate a thesis. * Decide how you will use your source material. * Develop an organizational plan, using your thesis as a guide. * Draft the

God Mode

313 words - 2 pages screen. In order to access GodMode you must first create a special folder on your desktop as described below. It is important to note that GodMode only works for 32-bit and 64-bit versions of Windows 8, Windows 7, 32-bit versions of Windows Server 2008, and 32-bit versions of Windows Vista. It is know, though, to crash Windows Vista 64-bit, so please do not create this folder on those versions of Windows Vista. If you decide to test it on 64-bit


268 words - 2 pages “If you want to live a happy life, tie it to a goal. Not to people or things.” All living things have forces inside that direct them towards their goals. Whether they are big or small, they play a huge role in our life. Success is to achieve goals, you have set, and our desire to succeed is helping us develop and making stronger. In addition, it is a way to increase self-esteem. The first and the most difficult step to success is to decide

Life Coach: Drug Issues

969 words - 4 pages rights for you to be able to see your kids until you straighten up your life. But you have been making improvements such as going to drug rehab and trying to find a job. Just to be clear, a life coach is not a therapist. It’s someone that is a friend who will help you improve your career and your life so you can get back on your feet into the direction that you should be going. (Hamilton,1996). If you choose to decide to hire a life coach you will

Similar Documents

You Decide Gm 545 Essay

589 words - 3 pages You Decide Exercises. The U.S. economy has fallen into a recession. It is a severe and deep recession, and one that some economic analysts say may persist for at least another year. The unemployment rate has risen to levels not seen in over 20 years. The current unemployment rate is at 8% and is expected to rise further. The inflation rate is -2.4 percent, meaning that overall, prices are falling. After I read all the recommendation I can

Is 589 You Decide Essay

1272 words - 6 pages NETWORKING CONCEPTS AND APPLICATIONS: IS589 Week 2 Assignment You Decide John Doe 9/11/2011 Abstract: This paper is a suggested proposal on how to upgrade a computer network located at Leonard Cooper Charter School. Through interviewing the stakeholders of the organization, I will assess and determine the issues with their current network. Then, I will explain the problems and offer the best solution to their computer

Mgmt 520 Week 5 You Decide

1734 words - 7 pages Richard Lester August 8, 2015 Professor Goldsen Week 5 “You Decide” Question 1 – Write a memo to the Teddy’s Supplies CEO advising him of the following: a. The case facts b. The decisions/proceedings to date c. The company’s potential for liability, and under what law. d. The worst-case damages that could be imposed. MEMO To: Teddy’s Supplies CEO It has come to our attention that there is a big problem in the

You Decide Essay

430 words - 2 pages Given the severity of this recession characterized by high unemployment and low inflationary rates I believe that a two sided approach is necessary utilizing both expansionary monetary and fiscal policy would be the most appropriate remedy as proposed by Allison Tanney. Under Fiscal Policy: I would reduce taxation which will encourage businesses to expand and in so doing create employment. The reduction in taxation will also positively affect